Crypto Price Today: Bitcoin rises above $37,400; XRP, Cardano surge up to 3%

Major crypto tokens traded higher for the second consecutive day on Friday, recovering from Wednesday's decline after Binance founder and CEO Changpeng Zhao resigned from his post and pleaded guilty for violating US anti-money laundering laws.

At 11:50 a.m., BTC was trading 0.3% higher at $37,401, while the second most popular token, Ethereum, was up 0.5% at $2,070.

Other popular altcoins, such as XRP and Cardano, advanced 2.2% and 2.9%, respectively. Also, Dogecoin, Tron, Toncoin, and Polygon surged 1-2%.

The crypto market seems to be back on track by observing a slow price recovery in the last 24 hours. Investor sentiments continue to be strong as the crypto fear and greed index remains within the greed zone with a score of 66/100, said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.

Edul Patel, CEO of Mudrex, said, "Bitcoin is currently trading around the $37,400 level, with positive sentiments prevailing in the market. Bitcoin will now need to overcome the resistance at $37,750, or risk finding support around the $37,000 level."

In Friday's trade, the global cryptocurrency market cap increased by 0.3% to around $1.42 trillion in the last 24 hours.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, surged to $730 billion. Bitcoin's dominance is currently 51.44%, according to CoinMarketCap. BTC volume in the last 24 hours fell 38.28% to $13.53 billion.

Tech view by Sathvik Vishwanath, Co-Founder & CEO of Unocoin
Bitcoin is currently facing a key pivot point at $37,300, which serves as a key point for its short-term path. Resistance levels are identified at $38,020, $38,685 and $39,250, while immediate support lies at $36,400, followed by $35,750 and $35,185.

With the Relative Strength Index (RSI) at 56, Bitcoin is leaning towards bullish sentiment without being too much. Trading just above its 50-day exponential moving average (EMA) of $36,800 suggests a short-term bullish bias.

Chart analysis shows a triple top pattern around $37,500, signaling market hesitation and potential resistance. The overall trend appears cautiously bullish above $37,145, but a break below this pivot could push it bearish, while we look to test resistance at $38,020 in the near term.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)